In a sweeping restructuring move, Starbucks Corporation has unveiled significant changes to its upper echelon, with key appointments and departures shaking up the coffee giant’s executive landscape.
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Brian Niccol, the current chairman and CEO of American food company Chipotle, is set to take the reins as the new chairman and CEO of Starbucks from September 9, 2024.
Laxman Narasimhan, the outgoing CEO of Starbucks, is stepping down not only from his chief executive position but also as a director on the Starbucks board with immediate effect.
According to Starbucks, Niccol’s tenure at Chipotle has been marked by a remarkable transformation of the brand, characterised by a keen focus on people and culture, innovative menu offerings, operational prowess, and digital advancements.
Under his leadership, Chipotle witnessed a near doubling of revenue, a nearly sevenfold increase in profits, and an 800 percent surge in stock price.
Niccol’s appointment at Starbucks also follows a successful stint at Taco Bell, where he held various pivotal roles before assuming the position of chief executive.
“We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience,” said Mellody Hobson, chair of the Starbucks board.
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Starbucks CFO Rachel Ruggeri will serve as the interim CEO until Niccol assumes his new responsibilities.
Mellody Hobson, the current chair of the Starbucks board, will transition to the role of lead independent director.